Banks cut base rates; home, corporate loans to be cheaper

Housing, auto and corporate loans are all set to become cheaper with half a dozen PSU and private banks steeply reducing benchmark lending rate by up to 1.48% after spurt in deposits following demonetisation. Taking a cue from State Bank of India, other lenders including largest private sector lender ICICI Bank and state-owned Oriental Bank of Commerce and Andhra Bank announced cut in marginal cost of funds based lending rate (MCLR). SBI along with PNB and Union Bank of India,  reduced the lending rate by a good 0.9% 

Source-The Hindu


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